Q1 2026 CD Projekt SA Earnings Call Transcript
Key Points
- CD Projekt SA (OTGLF) announced a new expansion for The Witcher 3: Wild Hunt, titled 'Songs of the Past', which received a highly positive community reaction.
- The Witcher 3 has sold over 65 million copies globally, marking it as one of the most successful titles in gaming history.
- The company successfully introduced The Witcher 3: Wild Hunt and Cyberpunk 2077 to Xbox Game Pass, expanding their player base.
- A tech update for Cyberpunk 2077 was rolled out to leverage PlayStation 5 Pro capabilities, enhancing the game's longevity.
- The Cyberpunk Trading Card Game Kickstarter campaign was a major success, raising $28 million and demonstrating the brand's strength beyond video games.
- The release of the 'Songs of the Past' expansion has been postponed to 2027, which may delay potential revenue from this project.
- The company did not pay dividends, citing the need to secure financing for multiple ongoing projects.
- There are no plans to release 'Songs of the Past' on PlayStation 4, limiting its availability to last-gen console users.
- The ambitious project pipeline may strain resources, as developing expansions for the new Witcher saga is considered difficult.
- The financial targets for the incentive program are ambitious, and there is uncertainty about achieving them by the 2026 and 2027 deadlines.
Ladies and gentlemen, thank you for standing by, and I would like to welcome you to CD Projekt's first-quarter 2026 earnings conference call on May 28.
(Operator Instructions)
So without further ado, I would now like to pass the line to Mr. Michal Nowakowski, the Joint Chief Executive Officer, please go ahead, sir.
Thank you, and good afternoon, everyone. I'm Michal Nowakowski, joined CEO of CD Projekt, and it's a pleasure to welcome you to our first-quarter 2026 result presentation. I'll be sharing the stage today with our CFO, Piotr Nielubowicz. As usual, we reserve time at the end of the -- for our Q&A session, where Karolina Gnas, our VP, Investor Relations, will step in to join us.
As you probably already know, yesterday, we announced that we are working on Songs of the Past. That is a brand-new, fully fledged third expansion for The Witcher 3: Wild Hunt that we previously referred to as one of our unannounced projects.
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